Weekly Tip Jan 31: High Bank Fees and What to Do …

<span>Weekly Tip Jan 31:</span> High Bank Fees and What to Do …

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One of the fees banks are imposing are overdraft fees. These fees can occur whenever you withdrawal money from a bank account that has insufficient funds – in other words, not enough money in the account to pay the withdraw. In most cases, the bank refuses the withdraw and charges the account an overdraft fee of $25 or more. Likewise, your check or withdraw is refused and another penalty may result from vendor or person you paid. In summary, you can experience fees of $50-75 per overdraft.

It good to have overdraft protection such as a savings account or line of credit. But banks are now charging fees even if the overdraft can be funded from your savings or line of credit. This avoids having your check returned, but the fees will apply. Overdraft fees are an ample source of revenue for banks. So you need to be real careful to avoid these fees.

How To Avoid Bank Overdraft Fees:

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Categories: Weekly Sunday Tips

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Krayton M Davis

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